On behalf of Justin Raber Attorney at Law posted in Estate Planning on Wednesday, March 7, 2018.

For many people in West Virginia, one of their goals in life is to be able to leave an inheritance for their children. However, the age of the potential beneficiaries could potentially impact the estate planning process. While many people recognize the importance of leaving a trust for young children who will inherit, some professionals argue that using trusts for adult children can be equally beneficial.

Regardless of their age, some people have difficulty managing their money for a variety of different reasons. Establishing a trust can ensure that a beneficiary has the necessary guidance when it comes to an inheritance. Having a trust professionally managed can help ensure that the funds will last.

In addition to professional management, a trust can also come with rules regarding its disbursements. A trustor has a variety of different options when setting parameters. For example, he or she can give a trustee power to decide whether a distribution will be made or have the trustee directly pay for necessary expenses, such as a mortgage or rent. Trusts can also protect an inheritance from the beneficiary’s creditors as well as prevent it from being divided in a divorce.

Trusts are an important tool in the estate planning process. They provide a great deal of flexibility that other elements of a plan, such as a will, are unable to do. Because laws regarding trusts and other elements of planning an estate vary from an state to state, those going through the process in West Virginia often seek an experienced professional to guide them through it.

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On behalf of Justin Raber Attorney at Law posted in Estate Planning on Thursday, February 22, 2018.

Most people in West Virginia have a variety of different tasks and chores that they must complete on a daily basis. As such, certain things — such as estate planning — can easily be put off for another day. Unfortunately, no plan, or a plan that contains only a will, can ultimately create costly and time-consuming mistakes.

Because they are in the picture of health, some people might put off going through the process, thinking it is unnecessary. However, a stroke or car accident can come quickly and unexpectedly, leaving the person unable to make his or her own financial and medical decisions. On the other hand, a person may not be able to recognize his or her own gradual decline; once identified, the individual may no longer be able to make decisions. Medical decisions could be left to doctors who may be unfamiliar with the person’s wishes. Likewise, the court may name someone the person would not have chosen to make financial decisions on his or her behalf.

Creating a power of attorney and other such documents can help prevent this confusion. Additionally, certain assets, such as retirement accounts, have a designated beneficiary listed. This person will most likely inherit the asset regardless of what a will says, making periodically reviewing beneficiary designations an important part of the estate planning process. Trusts are also an important tool that can help expedite the division of assets and keep information about the estate private in a way that a will alone is unable to do.

While some people may be tempted to save a few dollars by creating estate planning documents themselves, mistakes can often be costly and time-consuming to correct — if they can even be corrected. Often families are left trying to unravel a mistake in a time that should be focused on recovering from their loss. Fortunately, professionals in West Virginia can help ensure that a plan accurately expresses a person’s wishes and make it less susceptible to a successful challenge.

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On behalf of Justin Raber Attorney at Law posted in Estate Planning on Thursday, January 11, 2018.

As the new year begins, many people in West Virginia are likely considering what goals they would like to work toward. For many people, this includes eating healthier or spending less. However, some estate planning professionals recommend including the creation of a power of attorney and related documents as an important part of a person’s goals.

When a person becomes incapacitated either due to injury or illness, family members often experience a great deal of stress. By creating a financial power of attorney and naming someone to make medical decisions, a person can significantly help reduce the stress felt during such a time. If no one is named, family members may be unsure about the person’s wishes. In some cases, court action will be necessary to determine who will be able to make such decisions.

There are certain stipulations that can be put in place in a durable power of attorney. For example, a person can indicate when the named person will have power — immediately after the document is signed or only after a determination of mental incapacitation has been made. A stipulation regarding how that determination will be made can also be included.

In addition to naming someone to make financial and medical decisions, having a will as well as a properly funded trust can help families in a time that is likely filled with grief and stress. Because of the variety of different of options available, many people in West Virginia place their confidence in experienced professionals to help them create their estate planning documents. Unfortunately, a person who creates their own documents could throw their estate in turmoil if mistakes are made.

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On behalf of Justin Raber Attorney at Law posted in Estate Planning on Monday, November 20, 2017.

Residents of West Virginia may know the importance of preparing their estates for the unavoidable eventuality that they will pass away. Estate planning may involve organizing one’s assets, paying down debt and writing a will. If there is a fear of estate taxes or heirs with special needs, a trust may be included. However, many people overlook some important ways in which an estate plan can benefit them while they are still alive.

While an estate plan provides security for those a person leaves behind, it can also provide protection for the testator – that is, the person who writes the will. Testators can include important decisions about their health care in case they become too ill to make those decisions for themselves. By including an advanced health care directive and a living will, a testator can let loved ones know how to handle certain delicate medical matters, especially those regarding end-of-life decisions.

In addition to granting power of attorney for someone to manage one’s medical care, an estate plan can also protect one’s finances. Durable power of attorney allows a testator’s chosen representative to make financial decisions if the testator becomes incapacitated. However, it will be important for a testator to check with his or her financial institutions to see what documentation they will and will not accept before allowing a representative to have access to the testator’s finances.

There are other ways in which estate planning can go beyond simply distributing assets. For example, a West Virginia attorney can advise a testator on the benefits of including a HIPPA release or organ donor authorization. In fact, there may be many options available to make one’s estate plan complete.

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On behalf of Justin Raber Attorney at Law posted in Estate Planning on Tuesday, October 17, 2017.

Most people in West Virginia may not hold up Hugh Hefner as a role model. However, those who advocate estate planning certainly feel Mr. Hefner had qualities to emulate. The founder of Playboy Enterprises built a fortune from a few thousand dollars and carefully prearranged for that fortune to provide security for his loved ones.

Only 7 years ago, when Hefner went through his second divorce, reports placed his net worth around $43 million, not including the value of his Playboy stock. The following year, Hefner negotiated a deal that left him with 37 percent ownership of the company and a million-dollar annual salary. When Hefner married his third wife, he was careful to draft a prenuptial agreement that protected his wealth and provided well for his wife, who was younger than most of his four children.

While nothing official has been reported, those closest to Hefner speculate that he divided his wealth among his children and various charities. He may also have provided additional funds to his wife, who cared for him in his final years. It is likely that Hefner’s estate plans were in the form of trusts to keep the details private and to avoid probate.

In addition to designating the distribution of his substantial assets, Hefner’s plans included arrangements for his final resting place, purchasing the burial plot beside actress Marilyn Monroe. While some in West Virginia may not respect the philosophies of Hugh Hefner, all can learn a lesson about estate planning. Even those who do not have millions of dollars can take steps to provide carefully for their families.

On behalf of Justin Raber Attorney at Law posted in Estate Planning on Thursday, September 28, 2017.

Some West Virginia residents and others throughout the country have likely given some thought to how things will be addressed after their passing. While many may have wills that address how assets will be distributed, others may have undergone more comprehensive estate planning. Experts suggest that individuals include some issues in the plan that go beyond the numbers.

When developing an estate plan, it seems logical to deal with the financial questions, such as asset distribution or establishing trusts. However, it is now recommended to address other non-financial questions during the process. Whatever decisions are made in the estate planning process, it is always important to share the information with loved ones so that someone’s intentions can be properly executed.

One item to discuss is guardianship if minor children are involved. A guardian for the children should be identified in the event the parents are no longer around. After the guardians agree to the request, it would be helpful to have a conversation about the parents’ wishes. Another area of concern is how someone might wish to live if dealing with dementia. While a person has all faculties, it is an opportune time to specifically communicate what type of care should be administered.

Along the same vein, an individual should state clearly what measures should be taken toward the end of life. Specifically, would someone want life-sustaining measures or rather be made comfortable? It is important to communicate one’s wishes regarding a funeral and burial. Finally, many pet owners are including instructions about how animals will be cared for in their directives.

There are so many potential issues to address while estate planning. It is evident that each plan would be as unique as the person it was written to accommodate. A West Virginia estate attorney would help ensure that a plan is tailored to fully address a person’s unique financial and personal situation.

On behalf of Justin Raber Attorney at Law posted in Estate Planning on Thursday, September 14, 2017.

Many West Virginia residents and others throughout the country know the importance of having a will in place. However, there is more to estate planning than simply drafting a will. There are additional documents necessary that can protect individuals who are still alive and others that will protect them after their deaths. Financial experts recommend having power of attorney, health care power of attorney, living will and last will and testament.

One of the documents that may be used during a person’s life is the power of attorney. This document specifies who would handle financial and business decisions for someone should he or she become unable to do so. The designated agent may be granted the authority to conduct real estate transactions or take actions on accounts and trusts. A health care power of attorney is combined with the power of attorney in some instances. However, this document is necessary for someone to make health care decisions and have access to medical information.

A living will gives specific instructions for the end of a person’s life. Should someone become incapacitated, health care professionals will know how to provide treatment and determine if measures should be taken to prolong life. A last will and testament details someone’s wishes after death. This document will provide direction on how a person’s estate should be distributed.

Estate planning can be a complex process, and it is important to thoroughly understand the potential financial and tax implications involved. An experienced West Virginia estate lawyer can provide guidance to someone who needs a comprehensive estate plan. A knowledgeable attorney will work with clients to ensure that a plan is in place to protect their interests while they are alive and see that their wishes are carried out after they are gone.

On behalf of Justin Raber Attorney at Law posted in Estate Planning on Thursday, September 7, 2017.

There are very few West Virginia residents or others throughout the country who make financial decisions in a vacuum. In other words, the decisions an individual makes regarding spending, saving, investments and retirement are likely to have an impact on others at some point in time. In most situations, those closest to a person are the ones who are most affected, such as spouses, children and grandchildren. Therefore, financial experts recommend sharing information about decisions that will affect them. An important step in estate planning should be a discussion with those included in the plans.

Advisors from a national financial information website acknowledge that discussing finances may be uncomfortable, particularly since it involves a time when a person will no longer be around. However, the experts agree that family members need to know the decisions that have been made and explanations for the decisions, if necessary. There are many factors to consider regarding finances as well as medical and caregiving decisions.

Discussing how an estate will be divided may be difficult if there is a blended family or family members have different financial values. However uncomfortable a discussion may be, it is still much better to have it when a person’s wishes can be effectively communicated. It should always be stressed that relationships should be valued above material things.

Estate planning should be an important part of a person’s retirement plans, regardless of income level. A plan should include details about division of assets and information about how care should be given and decisions will be made if a person becomes incapacitated. A West Virginia estate planning attorney can work with clients to ensure that all important issues are addressed in an estate plan. An experienced lawyer will help develop a plan that will protect someone’s interests now and for the future.

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On behalf of Justin Raber Attorney at Law posted in Estate Planning on Thursday, August 17, 2017.

Many residents in West Virginia and across the country have not given a lot of thought to drafting a will. Thinking about a time when someone will not be around anymore can be an uncomfortable topic. However, statistics show that one generation is more likely to have estate planning documents in place. AARP reports that around 60 percent of Baby Boomers have addressed this issue.

An estate plan should be part of an individual’s comprehensive financial plan. An effective plan will address the issue of how and when assets will be distributed when someone passes away. Of course, who will receive the assets is an extremely important question to consider.

One common concern involves distribution of assets to children, regardless of their ages. For example, someone with younger children must think about who will care for them as well as how an inheritance would be managed. For adult children, a parent may have concerns about how effectively the money will be used or how it may affect the children.

Some investors may wish to leave part of their estates to charitable organizations. These wishes should be spelled out specifically in an estate plan. When a family has multiple children, many experts recommend dividing an estate equally — even if the children’s financial situation is widely different. Children who have worked hard in life should not receive a reduced inheritance simply because they are successful.

Estate planning is an important process for most West Virginia residents. It would be beneficial to contact an estate planning attorney for guidance in developing the appropriate documents. An effective estate plan will help ensure that one’s hard-earned assets are protected and distributed according to specified wishes.

On behalf of Justin Raber Attorney at Law posted in Estate Planning on Thursday, August 3, 2017.

Many West Virginia residents may seriously begin thinking about their retirement years when their children are older. As children move away from home and begin life of their own, parents often believe that it is time to begin estate planning. However, experts recommend that estate planning begins when children are very young.

Common thinking is that an estate plan is only necessary when someone has a lot of money. While asset management and distribution is important to consider, the most critical thing for parents to address is their children. Even if they do not have a lot of assets, parents should always consider the issue of guardianship for their children in the event of their death. How a person’s children will be cared for should be of primary concern. Careful consideration should be given before selecting a potential guardian since everyone, no matter how wonderful a person, is not suited to parenting.

Once guardianship is settled, parents then should determine how assets in an estate will be managed for their children. The guardian selected by the parents to raise the children will be the best choice to nurture them. However, they may not be the most savvy where money is concerned. If the guardian chosen for the children does not possess strong financial skills, it would be wise to select someone else to handle the money in an estate.

Selecting the appropriate people for these roles is foremost in the process. Then, a person can work out all the other details, such as determining the timing of when the children will receive the assets. Another consideration would be to decide how the money in an estate can be spent. Experts recommend that grandparents bring up the topic with their children since it may not be something a new parent initially considers.

Estate planning should be included in the retirement plans for most West Virginia residents, whether or not they are parents. An experienced attorney can discuss the process and help clients develop plans unique to their personal situations. A knowledgeable attorney will help ensure someone that his or her family’s financial future is secure.